Blue Sage Capital Exits Cobalt Environmental Solutions

AUSTIN, Texas–(BUSINESS WIRE)–lt;a href=”https://twitter.com/hashtag/Finance?src=hash” target=”_blank”gt;#Financelt;/agt;–Blue
Sage Capital
announced today that it closed on the sale of Cobalt
Environmental Solutions (“Cobalt”) to Bison,
an Oklahoma-based water infrastructure, logistics and solutions
provider. Operating in the SCOOP and Merge plays of Oklahoma’s Anadarko
Basin, Cobalt is a leading operator of oilfield wastewater disposal and
hydrocarbon extraction facilities in the region. Blue Sage created
Cobalt as an oilfield waste platform in 2014 and made its initial
investment to finance an acquisition in April 2014. Over the next five
years, Blue Sage assisted Cobalt with the subsequent development of five
additional greenfield facilities and partnered with management to
establish long-term commercial relationships with key producers in the
region. During the period in which Blue Sage owned Cobalt, revenue grew
by approximately 3x.

Blue Sage Managing Member, Peter Huff, explained, “Given our extensive
experience in oilfield and environmental services, our Blue Sage deal
team was able to create what we believe is a successful company from
scratch during the last five years by leveraging our prior experience as
well as the support of Cobalt’s Chairman John Barnidge. The Cobalt
investment represents the third time that we have successfully partnered
with John. We believe the company’s growth has been exceptional, and we
are excited to follow the next stage of Cobalt’s evolution under Bison’s
leadership.”

Blue Sage Partner, Jonathan Pearce, remarked, “We were delighted to
partner with CEO Patrick Brandt, COO Jonathan Hood and the rest of the
Cobalt team to build a high-quality oilfield waste disposal operator in
Oklahoma. From the initial acquisition of a single facility, our team
was able to build one of the leading saltwater disposal businesses in
the region, providing reliable, high-capacity service to the largest E&P
players.”

Cobalt and Blue Sage were represented in the transaction by the law firm
of Queen
Saenz + Schutz PLLC
.

About Blue Sage

Blue Sage Capital is an Austin, Texas-based private equity firm that has
invested in profitable, growing, lower middle-market companies since
2002. Blue Sage has over $300 million of assets under management and
partners with founders, families and management teams as the first round
of institutional capital for businesses that enjoy leadership positions
in niche manufacturing, environmental solutions or specialty services
industries. Blue Sage typically invests $20 million to $40 million in
control buyout investments and recapitalizations of companies with $20
million to $125 million of revenue.

Contacts

For questions or inquiries, please contact Peter Huff at 512-536-1900 or [email protected].

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